COP29 in Baku: Funding for developing countries and private sector Euronews report / VIDEO

The UN Climate Change Conference COP29 has begun in Baku. Delegates from around the world have gathered here in hopes of finding ways to prevent global temperature rise and fulfil the promises made under the Paris Agreement.

This summit is being called the "Financial COP" as, for the first time in 15 years, the volume and structure of funding for developing countries to support climate change mitigation efforts will be discussed, according to Euronews.

Countries are also encouraged to lay the groundwork for developing more effective national plans to limit harmful emissions into the atmosphere.

Turning ambitions into actions remains the main priority. But how can this goal be achieved? Euronews posed this question to the designated president of COP29, Mukhtar Babayev.

"We need to consolidate all the efforts of all countries because it is only with consolidation, with the good motivation of all the participants, we have a chance to have success. I think that the main role for Baku COP, for Azerbaijan, for COP29 is to be the interconnector between the developing and developed countries, between the South and the North, between the East and the West," stated Mukhtar Babayev.

The organizers of COP29 believe that to achieve sustainable goals, it is necessary not only to focus on financing climate programs but also to actively involve the private sector.

"When we speak about the 'green' transition, we speak about new types of overall. The role of the private sector in global climate action is absolutely crucial. It is so important because the private sector is coming with technologies, innovations, and consumer behaviors, and so they can influence consumer behaviour. So, it is important to engage with the private sector," said the UN High-Level Climate Leader at COP29, Nigar Arpadarai.

"Experts say concrete results must be achieved in Baku in order to make progress toward the Paris Agreement’s goals. Despite last year’s gains, negotiations on new climate targets have exposed divisions among countries. Meanwhile, the talks are unfolding in a very complex geopolitical scenario," reported Euronews correspondent in Baku, Giorgio Orlandi.